By Devika Patel
Knoxville, Tenn., Nov. 26 - Invicta Oil & Gas Ltd. announced on Friday that it has settled a C$39 million tranche of a non-brokered private placement of stock. The deal was announced as a C$40 million placement on Oct. 1 and priced on Nov. 1 for C$35 million, then was boosted to C$40 million again on Nov. 5 and increased to C$45 million on Nov. 8.
In this tranche, the company sold 69,765,138 common shares at C$0.56 per share. An additional 4,380,445 shares were issued as a finder's fee for this tranche.
The company expects to close a second tranche within the next week for C$4.25 million. It will sell a total of about 80.36 million shares.
A portion of the proceeds will be used to finance the closing of a previously announced deal with Cheetah Oil & Gas Ltd., its subsidiary, Cheetah BC, and Kepis & Pobe Investments Inc. in which Invicta plans to acquire 90% of Cheetah BC's shares. The balance of the proceeds will be used for exploration and working capital.
Invicta Oil & Gas is an oil and gas company based in Vancouver, B.C.
| Issuer: | Invicta Oil & Gas Ltd.
|
| Issue: | Common shares
|
| Amount: | C$45 million
|
| Shares: | 80.36 million (approximate)
|
| Price: | C$0.56
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 1
|
| Upsized: | Nov. 5, Nov. 8
|
| Stock symbol: | TSX Venture: IGG
|
| Stock price: | C$0.70 at close Oct. 31
|
|
|
| First tranche
|
| Amount: | C$39 million
|
| Shares: | 69,765,138
|
| Fees: | 4,380,445 shares
|
| Settlement date: | Nov. 23
|
|
|
| Second tranche
|
| Amount: | C$4.25 million
|
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